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justlooking17 Asked March 2022

Reverse mortgage... Any advice?

I just read that in Massachusetts, it is possible that in some condo docs, it is prohibited to have a Reverse Mortgage. Any comments please?


 


Thank you

Daughterof1930 Mar 2022
Tread very carefully on this. Reverse mortgages have caused many people far more issues than it helped

JoAnn29 Mar 2022
I think you need to read your contract with the Condo Association. If you still are not sure then ask an officer of the Condo Assoc.

This is really not a question we as a forum can answer. Each state has different laws as does each Condo Assoc.

Be very careful with reversed mortgages. Make sure you understand them completely.

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Grandma1954 Mar 2022
You would have to check the individual documents that you have, or that the owner has., Also check with the Condo By Laws.
Many condo Associations have very strict rules about a lot of things.

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